PRODUCT DETAILS

Included with Purchase Asian Insurance Industry 2020 y Digital report in PDF format y Key findings Knowing Your Insurance Clients y Unlimited online firm-wide access y Analyst support y Exhibits in Excel y Interactive Report Dashboards OVERVIEW & METHODOLOGY This report analyzes Asia’s life insurance industry through the asset management lens. It Interactive Report provides both qualitative and quantitative information, including life insurance assets and Dashboards premiums, asset allocations, investment practices, and outsourcing trends. The report discusses Interact and explore select both institutional (general account) and retail (separate account or investment-linked product) report data with Cerulli’s segments, and covers China, Taiwan, Hong Kong, Korea, Singapore, Malaysia, Thailand, visualization tool. and Indonesia. The report also details key factors that influence insurers’ investments, such as regulations, asset-liability management, products, distribution landscapes, and other key developments. In addition to covering two region-wide themes on insurtech for distribution and investments y Asian Insurance Investment Landscape: in the low-interest-rate-environment, the report provides in-depth analysis of Asia ex-Japan y Review five years of historical life insurance premiums, assets, and insurance markets, capturing trends in both chart and text forms. investable assets in Asia ex-Japan by region and country, and view growth rates by asset type. USE THIS REPORT TO y Analyze the marketshare of life insurance assets by investment y Gain insights into current insurtech adoption in Asia, driving factors for insurtech initiatives, objective and overseas life insurers’ investments in selected Asia ex- and fund distribution trends in selected markets Japan markets. y Understand the implications of low-rate conditions, Asian insurers’ preferred investment y Explore total assets and premiums within the life insurance investment- strategies, and mandate outsourcing opportunities for external asset managers linked products market with filters by country. y Explore market sizing and opportunities in terms of investable assets and addressability in y Insurance Market Analysis: the Asia ex-Japan insurance sector y Compare insurance industry investment portfolio allocations, as well as life insurance premiums, total assets, and investable assets across QUESTIONS ANSWERED major markets in Asia ex-Japan. y What are the factors driving insurtech adoption among Asia ex-Japan insurers, and which y Looking for Yields Amid Low Interest Rates: market has grown the most so far? y Understand Asia-Pacific insurers’ views on changes they have y What are the implications of the current low-interest-rate environment, and what are experienced as a result of COVID-19, greatest investment concerns, key insurers’ preferred investment strategies amid prolonged low rates? issues considered when planning asset allocations, outsourcing plans, and preferred strategies. y Which market offers the most non-affiliated outsourcing opportunities to manage insurance assets, and what are the crucial factors in winning mandates? y What are the key regulatory updates for Asia ex-Japan insurers, and what are the implications for both insurers and asset managers? y How large are Asia ex-Japan’s life insurance markets in terms of investable assets, and what is the growth forecast for 2020–2024?

Cerulli Associates | [email protected] | www.cerulli.com Chapter 2 Looking for Yields Amid Low Interest Rates

Exhibit 2.01 Asia-Pacific Insurers’ Views on Changes They Have Experienced as a Result of COVID-19, 2020 Source: Cerulli Associates

Longer due diligence process 3.2 Need for digital usage and fintech adoption (e.g., teleconferencing, investment monitoring, portfolio construction) 3.2

Concerns over active management not generating enough alpha 3.0

Increased investment activities for diversification, higher yields, and cheaper valuations 2.9

Taking a more defensive approach (or derisking) due to pessimism about economic recovery 2.9

Increased fee scrutiny amid low yield expectation 2.9

Organization's productivity due to work-from-home arrangements 2.8

Withholding new investment mandates or top-ups 2.8

Greater difficulty in matching assets to liabilities while coping with risk charges 2.7

Difficulty in monitoring external managers and investee companies 2.7

Greater urgency to integrate ESG into the firm's investment process 2.6

Increased liability burden due to lower contributions and increased withdrawals 2.5

12345 Least impact Most impact

36 The Cerulli Report | Asian Insurance Industry 2020 Table of Contents

Click for Interactive Report Dashboard Table of Contents: Expanded of indicated exibit

Key Questions Answered ...... 19 1. What are the driving factors for insurtech adoption among Asia ex-Japan insurers, and which market is seeing the most development? ...... 19 2. What are the implications of the current low-interest-rate environment? Which are insurers’ preferred investment strategies amid prolonged low rates? ...... 20 3. Which market offers the most non-affiliated opportunities to manage insurance assets? ...... 21 Exchange Rates ...... 22

Chapter 1: Insurtech for Product Distribution Advances ...... 23

Changing infrastructure and customer expectations and COVID-19 ...... 23 Exhibit 1.01. Selected Online Insurance Distribution or Broking Platforms in Asia, September 2020 ...... 24 Exhibit 1.02. Funds Raised by Selected Insurtech Players in Asia, September 2020 ...... 25 Exhibit 1.03. Selected Insurtech Players in Singapore and Their Product Offerings, October 2020 ...... 26 Singapore and Hong Kong as insurtech hubs ...... 26 Exhibit 1.04. Singlife’s Product Offerings, October 2020 ...... 27 Exhibit 1.05. Selected Hong Kong Digital Insurers and Their Product Offerings, October 2020 ...... 27 Exhibit 1.06. Selected Indian Insurtech Players, October 2020 ...... 28 Insurtech activities in India and Indonesia ...... 28 Exhibit 1.07. Selected Indonesia Insurtech Players and Their Product Offerings, October 2020 ...... 29 Exhibit 1.08. Chinese Online Insurance B2A2C (Business-to-Agent-to-Consumer) Distribution Model, October 2020 ...... 30 China moves ahead ...... 31 Exhibit 1.09. Chinese Online Insurance B2B2C (Business-to-Business-to-Customer) Distribution Model: Huize.com ...... 31 Exhibit 1.10. Chinese Online Insurance B2C (Business-to-Consumer) Distribution Model: Shuidi ...... 32 Exhibit 1.11. Chinese Online Life Insurance Premium Income by Digital Distribution Channel, 2015–1H 2020 ...... 33 Exhibit 1.12. Chinese Online-Only Insurers’ Premium Income and Total Assets, 2018–2019 ...... 33 Exhibit 1.13. Chinese Online Life Insurance Premium Income, 2015–1H 2020 ...... 34 Concentrated in product distribution ...... 34

The Cerulli Report | Asian Insurance Industry 2020 9 Table of Contents

Chapter 2: Looking for Yields Amid Low Interest Rates ...... 35

Low interest rates squeeze earnings and erode solvency ...... 35 Exhibit 2.01. Asia-Pacific Insurers’ Views on Changes They Have Experienced as a Result of COVID-19, 2020 ...... 36 Exhibit 2.02. Asia-Pacific Insurers’ Views on Their Greatest Investment Concerns, 2020 ...... 37 Exhibit 2.03. Impact of Low Interest Rates on Life Insurers, 2020 ...... 38 Exhibit 2.04. Asia-Pacific Insurers’ Views on Key Issues or Considerations When Planning Asset Allocation, 2020 ...... 38 Search for yields via various asset classes ...... 39 Exhibit 2.05. Asia ex-Japan Asset Managers’ Views on Insurers’ Preferred Strategies Over the Next 12 to 18 Months, 2020 . . . . .39 Exhibit 2.06. Asia-Pacific Insurers’ Outsourcing Plans to Managers by Strategy Over the Next 12–18 Months, 2020 ...... 40 Exhibit 2.07. Top 20 Asian Insurers by Alternatives Allocation, October 2020 ...... 43 Winning insurers’ mandates ...... 45 Exhibit 2.08. Asia ex-Japan Asset Managers’ Views on Key Challenges in Winning Life Insurance General Account Mandates in Asia ex-Japan Currently and Over the Next 1–3 Years, 2020 ...... 45 Exhibit 2.09. Asia ex-Japan Asset Managers’ Views on Factors Increasing the Chances of Winning Mandates from Insurers, 2020 . .46 Exhibit 2.10. Challenges Asia ex-Japan Asset Managers Face With Insurance Companies in Alternative Mandates, 2020 ...... 46 Exhibit 2.11. Asia ex-Japan Asset Managers’ Views on Non-Affiliated Life Insurance Opportunities in Asia ex-Japan, 2020 . . . . . 47 Exhibit 2.12. Asia ex-Japan Asset Managers’ Average Mandate Size Outsourced from Insurers, 2020 ...... 48 Exhibit 2.13. Asia ex-Japan Asset Managers’ Views on Average Fees for Managing a US$100 Million External Mandate from Insurers, 2020 ...... 49 Chapter 3: Regional ...... 50

New Risk-Based Capital Rules ...... 50 Embracing Insurtech ...... 50 Foreign Ownership Liberalization ...... 51 ILPs ...... 51 Exhibit 3.01. Asia ex-Japan Life Insurance Total Premiums, 2015–2019 ...... 52 Exhibit 3.02. Asia ex-Japan Life Insurance Total Assets, 2015–2019 ...... 55 Exhibit 3.03. Asia ex-Japan Life Insurance Investable Assets by Market, 2015–2024E ...... 57 Exhibit 3.04. Asia ex-Japan Life Insurance Assets by Investment Objective, 2015–2019 ...... 59 Exhibit 3.05. Overseas Life Insurers’ Investments in Selected Asia ex-Japan Markets, 2015–2019 ...... 60 Exhibit 3.06. Asia ex-Japan Life Insurance Investment-Linked Product Premiums, 2015–2019 ...... 61 Exhibit 3.07. Asia ex-Japan Life Insurance Investment-Linked Product Assets, 2015–2019 ...... 63

10 The Cerulli Report | Asian Insurance Industry 2020 Table of Contents

Chapter 4: China ...... 64

Regulations ...... 64 Insurance Asset Management ...... 64 Exhibit 4.01. Chinese Life Insurance Total Premiums, 2015–2019 ...... 65 Exhibit 4.02. Chinese Life Insurance Total and Investable Assets, 2015–2019 ...... 67 Exhibit 4.03. Chinese Insurance Industry Investment Portfolio by Asset Class, 2015–2019 ...... 68 Exhibit 4.04. Breakdown of Chinese Insurers’ Investments by Investment Mode, 2019 ...... 69 Exhibit 4.05. Chinese Insurance Asset Management Companies’ Investment Portfolios, 2019 ...... 70 Exhibit 4.06. Top 10 Chinese Life Insurers by General Account Premiums, 2018–2019 ...... 71 Exhibit 4.07. Top 10 Chinese Life Insurers by Total Assets, 2018–2019 ...... 72 Exhibit 4.08. Chinese Investment-Linked Product Account Assets Under Management by Asset Class, 2015–2019 ...... 73 Exhibit 4.09. Largest Chinese Investment-Linked Product Accounts by Asset Class, 2019 ...... 74 Exhibit 4.10. Top 10 Chinese Life Insurers by Investment-Linked Product Assets, 2018–2019 ...... 75 Chapter 5: Taiwan ...... 76

Five-Year Plan for IFRS 17 Adoption ...... 76 Insurance Product Sales and Development Initiatives ...... 76 Exhibit 5.01. Taiwanese Life Insurance Total Premiums, 2015–2019 ...... 77 Exhibit 5.02. Taiwanese Life Insurance Total Assets, 2015–2019 ...... 78 Exhibit 5.03. Taiwanese Life Insurance Investable Assets, 2015–June 2020 ...... 79 Exhibit 5.04. Taiwanese Life Insurance Industry Investment Portfolio by Asset Class, 2015–June 2020 ...... 80 Exhibit 5.05. Top 10 Taiwanese Life Insurers by Total Assets, 2017–2019 ...... 81 Exhibit 5.06. Top 10 Taiwanese Life Insurers by Investment Portfolio, 2019 ...... 82 Exhibit 5.07. Top 10 Taiwanese Life Insurers by Investment-Linked Product Premiums, 2017–2019 ...... 83 Exhibit 5.08. Top 10 Taiwanese Life Insurers by Investment-Linked Product Assets, 2017–2019 ...... 84 Exhibit 5.09. Number and Assets of Discretionary Investment-Linked Policies by Investment Manager and Insurance Company, 2018–June 2020 ...... 85 Chapter 6: Hong Kong ...... 87

Risk Management Regulatory Developments ...... 87 Insurers’ Investment Strategies ...... 87 Exhibit 6.01. Hong Kong Life Insurance Office Premiums, 2015–June 2020 YTD ...... 88 Exhibit 6.02. Hong Kong Life Insurance Funds’ Assets, 2015–2019E ...... 90 Exhibit 6.03. Top 10 Hong Kong Life Insurers by Investment-Linked Assurance Scheme Individual Life New Business Premiums, 2018–2019 ...... 92

The Cerulli Report | Asian Insurance Industry 2020 11 Table of Contents

Exhibit 6.04. Top 10 Hong Kong Life Insurers by Investment-Linked Assurance Scheme Individual Life In-Force Business Premiums, 2018–2019 ...... 93 Exhibit 6.05. Hong Kong Individual Investment-Linked Assurance Scheme New Business Premiums by Distribution Channel, 2015–June 2020 YTD ...... 94 Exhibit 6.06. Hong Kong Individual Investment-Linked Assurance Scheme New Business Premiums by Type of Policyholder, 2015–June 2020 YTD ...... 96 Exhibit 6.07. Hong Kong Individual Life New Business Premiums from Mainland Policyholders, 2015–June 2020 YTD ...... 97 Exhibit 6.08. Top 10 Life Insurers by In-Force Annuity Premiums, 2017–2019 ...... 98 Chapter 7: Korea ...... 99

IFRS 17 and Co-Insurance System ...... 99 Overseas Investment Limits ...... 99 Exhibit 7.01. Korean Life Insurance Total Premium Income, 2015–June 2020 YTD ...... 100 Exhibit 7.02. Korean Life Insurance Total Assets, 2015–June 2020 ...... 101 Exhibit 7.03. Korean Life Insurance Investable Assets, 2015–June 2020 ...... 102 Exhibit 7.04. Korean Life Insurance Industry Investment Portfolio by Asset Class, 2015–June 2020 ...... 103 Exhibit 7.05. Top 10 Korean Life Insurers by Investable Assets, 2018–June 2020 ...... 104 Exhibit 7.06. Top 10 Korean Life Insurers by Investment Income, 2018–June 2020 YTD ...... 105 Exhibit 7.07. Top 10 Korean Life Insurers by Separate Account Premium Income, 2018–June 2020 YTD ...... 106 Exhibit 7.08. Korean Separate Account Insurance Asset Breakdown, 2015–June 2020 ...... 107 Exhibit 7.09. Top 10 Korean Life Insurers by Separate Account Assets, 2018–June 2020 ...... 108 Chapter 8: Singapore ...... 109

Revision of Risk-Based Capital 2 ...... 109 Insurtech Push ...... 109 Exhibit 8.01. Singaporean Life Insurance New and In-Force Business Premiums, 2015–June 2020 ...... 110 Exhibit 8.02. Singaporean Life Insurance Total Assets, 2015–June 2020 ...... 112 Exhibit 8.03. Singaporean Life Insurance Investable Assets, 2015–June 2020 ...... 113 Exhibit 8.04. Singaporean Life Insurance Investable Assets by Investment Objective, 2015–June 2020 ...... 114 Exhibit 8.05. Top 10 Singaporean Life Insurers by Investment Portfolio, 2018 and 2019 ...... 115 Exhibit 8.06. Singaporean Investment-Linked Product Assets by Asset Class, 2015–June 2020 ...... 117 Exhibit 8.07. Singaporean CPF-Funded Sales Contribution to Weighted Single Premiums, 2015–June 2020 YTD ...... 118 Exhibit 8.08. Asset Breakdown of CPFIS-Included Investment-Linked Products, 2016–June 2020 ...... 119 Exhibit 8.09. Top 10 Singaporean Life Insurers by Investment-Linked Product Assets, 2019 ...... 120 Exhibit 8.10. Top 10 CPFIS Investment-Linked Product Funds by Fund Size, June 2020 ...... 121

12 The Cerulli Report | Asian Insurance Industry 2020 Table of Contents

Chapter 9: Malaysia ...... 122

Regulatory Developments ...... 122 Value-Based Intermediation ...... 122 Exhibit 9.01. Malaysian Life Insurance In-Force Annual Premiums and Family Takaful In-Force Annual Contributions, 2015–June 2020 . 123 Exhibit 9.02. Malaysian Life Insurance and Family Takaful Investable Assets, 2015–June 2020 ...... 125 Exhibit 9.03. Malaysian Life Insurance and Family Takaful Investable Assets by Investment Objective, 2015–June 2020 ...... 127 Exhibit 9.04. Top 10 Malaysian Life Insurers and Family Takaful Operators by Total Investable Assets, 2017–2019 ...... 129 Exhibit 9.05. Top 10 Malaysian Life Insurers by New and In-Force Total Individual Business and Investment-Linked Policy Premiums, 2017–2019 ...... 130 Exhibit 9.06. Conventional and Shariah Investment-Linked Funds’ Average Total Returns, June 2020 ...... 133 Exhibit 9.07. Top 10 Malaysian Family Takaful Operators by New and In-Force Total Individual Business and Investment-Linked Policy Contributions, 2017–2019 ...... 135 Chapter 10: Thailand ...... 138

Risk-Based Capital Revision ...... 138 Diversification of Insurers’ Investment Risks ...... 138 Exhibit 10.01. Thai Life Insurance Total Premiums, 2015–June 2020 ...... 139 Exhibit 10.02. Thai Life Insurance Total Assets, 2015–June 2020 ...... 140 Exhibit 10.03. Thai Life Insurance Industry Investment Portfolio by Asset Class, 2015–June 2020 ...... 141 Exhibit 10.04. Top 10 Thai Life Insurers by Total Assets, 2017–2019 ...... 143 Exhibit 10.05. Top 10 Thai Life Insurers by Total Premiums, 2018–June 2020 YTD ...... 144 Exhibit 10.06. Thai Life Insurance Premiums by Distribution Channel, 2018–June 2020 YTD ...... 145 Chapter 11: Indonesia ...... 146

Foreign Ownership Rules ...... 146 Digitalization ...... 146 Exhibit 11.01. Indonesian Life Insurance Total Premium Income, 2015–June 2020 YTD ...... 147 Exhibit 11.02. Indonesian Life Insurance Total Assets, 2015–June 2020 ...... 149 Exhibit 11.03. Indonesian Life Insurance Total Investable Assets, 2015–June 2020 ...... 151 Exhibit 11.04. Indonesian Life Insurance Industry Investment Portfolio by Asset Class, 2015–June 2020 ...... 152 Exhibit 11.05. Top 10 Indonesian Life Insurers by Total Assets, 2016–2018 ...... 153

The Cerulli Report | Asian Insurance Industry 2020 13 Report Overview

Appendix ...... 154 Exhibit A.01. Approved Qualified Domestic Institutional Investor Insurance Companies in China, September 2020 ...... 154 Exhibit A.02. Chinese Insurance Companies Approved for Overseas Investment, 2013–October 2020 ...... 155 Exhibit A.03. Chinese Insurance Asset Management Companies, October 2020 ...... 156 Exhibit A.04. Chinese Insurance Asset Management Company Product Assets Under Management by Asset Class, 2019 . . . . .157 Exhibit A.05. Insurance Asset Management Products Registered With the Insurance Asset Management Association of China, 2015–2019 ...... 157 Exhibit A.06. Top 10 Chinese Life Insurers by Universal Life Insurance Premiums and Investment-Linked Product Premiums, 2018 . . 158 Exhibit A.07. Top 10 Malaysian Life Insurers and Family Takaful Operators by Investment Portfolio, 2018 and 2019 ...... 159 Glossary ...... 161

Company Index ...... 165

14 The Cerulli Report | Asian Insurance Industry 2020 Company Index

Aberdeen Standard Investments...... 41, 44, 64 ABL Life...... 102 Accenture...... 25 ACKO...... 28 Aegon Life...... 28 AIA...... 18, 25, 50, 62, 75, 87, 91-93, 95-97, 105, 109, 112, 114, 120, 129, 132, 143, 144 AIA Investment Management...... 93, 95, 143 AIA Public Takaful...... 129 Alipay...... 19, 23 Allianz...... 25, 54, 56, 58, 71, 75, 83, 104, 150, 153 Amundi...... 51 Anbang Life...... 71 AsianInvestor...... 41, 56 Astra Life...... 150, 153 Astra International...... 153 Asuransi BRI Life...... 153 Asuransi Jiwasraya...... 148, 153 Asuransi Jiwa Bersama Bumiputera 1912...... 148 Aviva, 27...... 116, 153 Aviva-COFCO Life...... 75 AXA...... 25, 42, 70, 92, 93, 120 AXA Investment Managers...... 42 Bahana Pembinaan Usaha Indonesia (BPUI)...... 153 Bank of Communications...... 73 Bank QNB Indonesia...... 153 Bank Rakyat Indonesia...... 153 BlackRock...... 41, 47, 51, 64 Blackstone...... 64 Blue...... 25, 27 Bowtie...... 27, 28 BNP Paribas Asset Management...... 51, 64 BNP Paribas Cardif Life...... 104 BNP Paribas Cardif TCB Life...... 77, 86 BNP Paribas Securities Services...... 87 BOC Group Life...... 98 Carlyle Group...... 64

The Cerulli Report | Asian Insurance Industry 2020 165 Company Index

Capital Gateway Investments...... 50, 83 Cardif Assurance Vie...... 50, 77, 83, 86 Cathay Life...... 82, 83, 86 CBRE...... 64 Centauri Fund...... 150 China Everbright Holding...... 64 China Life...... 59, 71, 72, 75, 82, 86, 98, 117 China Life Franklin Asset Management...... 64 China Merchants Bank...... 70 China Minsheng Bank...... 74 China Pacific Insurance Company (CPIC)...... 44, 72, 87 China Post Life...... 71 Cigna...... 25, 70 CITIC Corporation...... 70 Commonwealth Bank of Australia...... 70 Coverfox...... 25 Digit Insurance...... 28 Edelweiss Tokio Life...... 25 Etiqa Family Takaful...... 129 Etiqa Life...... 132 Evergrande Life...... 75 Farglory Life...... 82 Fidelity...... 51 Fitch Ratings...... 51 Franklin Templeton...... 51 FTLife...... 51, 87 Fubon Hyundai Life...... 108 Fubon Life...... 27, 81 Fuh Hwa Securities Investment Trust Enterprise...... 86 Funde Sino Life...... 71 FWD...... 31, 42, 87, 91, 117, 137, 144, 153 Generali...... 150 getArrange.com...... 117 Goldman Sachs Asset Management...... 64 Gojek...... 30 Great Eastern...... 25, 62, 116, 132

166 The Cerulli Report | Asian Insurance Industry 2020 Company Index

Hana Life...... 104, 108 Hang Seng Insurance...... 96, 98 Hanwha Life...... 60, 99, 104, 105 HDFC Ergo...... 25 Hengqin Life...... 72 Hillhouse Capital...... 27 Hongkang Life...... 74 HSBC Global Asset Management...... 41 HSBC Insurance...... 120 HSBC Life...... 96, 98 Huize Insurance...... 31 IBK Life...... 108 Igloo...... 19, 26 Indonesia Financial Group (IFG) Life...... 153 Industrial and Commercial Bank of China...... 70 ING...... 104 Invesco...... 64, 87 IPP Financial Advisors...... 117 J.P. Morgan Asset Management...... 44, 51 KB Financial...... 104 KDB Life...... 104 KKR...... 64 Kookmin Bank...... 150 Korea Post Insurance...... 44 Kyobo Life...... 60, 99, 104, 105 Lion Global Investors...... 116 Lonpac Insurance...... 25 Macquarie Infrastructure and Real Assets...... 81 Manulife...... 25, 28, 89, 92, 93, 95, 96, 98, 132, 134, 143, 150 Max Life...... 25 Mercuries Life...... 84 MetLife...... 104 Milliman...... 122 Mirae Asset Life...... 105, 106 Mobikwik...... 28 Moody’s...... 41, 42, 44, 99 Muang Thai Life...... 41, 143

The Cerulli Report | Asian Insurance Industry 2020 167 Company Index

Nan Shan Life...... 83, 84 Neuberger Berman...... 64 Oaktree Capital...... 64 Ocean Life...... 142 OrangeLife...... 105 PasarPolis...... 23, 30 PICC Asset Management Hong Kong...... 64 PineBridge Investments...... 64 Ping An Insurance Group...... 31, 44 Ping An Life...... 72, 87 Policybazaar...... 28 PolicyPal...... 19, 25, 26 PolicyStreet...... 25 Preqin...... 42, 87 Prudential Assurance...... 132 Prudential BSN Takaful...... 128, 129, 137 Prudential Corporation Holdings...... 70 Prudential Financial...... 104 Prudential Life...... 143, 144, 148, 150, 153 Prudential plc...... 25, 91, 97, 104 Prudential Singapore...... 44, 109, 114 Qoala...... 150 Reliance General...... 25 Reuters...... 71 Robeco...... 41 Samsung Life...... 104, 106, 107 SBI Life...... 25 SCB Life...... 144 Singlife...... 25-27, 116 Sun Life...... 28, 74, 92, 137 Swiss Re...... 33, 35, 54 T. Rowe Price...... 51 Taikang Life...... 75, 87 Taiping Life...... 72 Taiwan Life...... 82, 83 Telkom Indonesia...... 150 Tencent Holdings...... 27, 28

168 The Cerulli Report | Asian Insurance Industry 2020 Company Index

Thai Life...... 144 TMB Bank...... 144 Tokopedia...... 30 Tokio Marine Life Singapore...... 112, 121 Value Partners...... 64 Vanguard...... 134 vzcoo...... 44 WeChat...... 19, 23, 32 ZA Insure...... 27 ZhongAn Technologies International Group...... 27 ZhongAn Online...... 27, 31, 33

The Cerulli Report | Asian Insurance Industry 2020 169